unable to register Swflash.exe

I have windows xp sp2 installed and I was trying to install vglobe97
and got all the way to the end and then it said "Swflash.exe" unable
to register" and quit the installation. I had already installed the
latest flash player (10.2???) and was able to view youtube movies, so
I looked for and found Swflash.exe on C:\windows\OCCACHE, so I tried
to run regsvr2.exe against it and got the failure message at:
0cx80028016

I copied Swflash.exe to the root (C:\) and tried regsvr2.exe again
with the exact same failure message.

I do not understand two things he 1) Why am I able to watch
youtube videos if Swflash.exe is not registered? and 2) why do I get
an error message when I point regsvr2.exe to the exact path for
Swflash.exe?

The bottom line is that I cannot install VGLOBE on this machine, and,
I really need to do that. Please advise.

Before doing all this, I uninstalled flash completely, rebooted, re-
installed it from scratch, and it didn't make any difference.